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Old 11-04-2013, 09:14 PM
 
18 posts, read 36,262 times
Reputation: 23

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I did not know until it was too late of USAA's deplorable mortgage lending reputation. Things went ok while I was doing the preliminary application online but went downhill once I was assigned a "mortgage coordinator". Everything I read has been true. I've been asked multiple times for the same documents after I have submitted them via their website, FedEx'ed them, and emailed as attachments. I have zero confidence in this so-called coordinator. She's a disaster.

Now USAA says that all parts of the purchase contract and amendments must have a "wet signature", after receiving them over ten days ago and doing nothing. The seller's agent is refusing to ask the seller to sign, because they already have an electronic signature.

I hate to switch lenders midstream, especially because the appraisal is done and accepted. But if the sellers refuse to sign (rather than docusign), I am stuck.

Please, spare your sanity, don't ever try to get a home loan from USAA. You'll be sorry.
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Old 11-05-2013, 03:14 AM
 
Location: Bloomington IN
5,861 posts, read 7,082,141 times
Reputation: 14068
I previously worked with a number of clients that used USAA for their mortgages. We only ran into a problem once, and that was because it was an unusual property with two lots. The house was on one. The barn was on another. it was in a rural area where house prices varied wildly. It did close. USAA was always on top of things in my experiences with them.

Why not call the customer service department and ask to be assigned a different mortgage coordinator? My experience with USAA was that they were very customer oriented. They emailed me satisfaction surveys even though I was only the RE agent.

BTW-although it seems ridiculous to require a "wet signature," the seller's agent and the sellers just need to do it. Your agent should know this and be handling this. Your agent should point out the consequences for not doing so: you walk away because you can't get a loan or the closing is delayed as you go through the mortgage process again.
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Old 11-05-2013, 08:34 AM
 
Location: Austin
7,077 posts, read 16,885,085 times
Reputation: 9484
Usually, the wet signatures is a funding condition and everyone signs the contract in ink at the closing table. Maybe you have a new person and they're just trying to dot all i's first. Ask about it being a funding condition.
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Old 11-05-2013, 02:19 PM
 
3,317 posts, read 7,251,326 times
Reputation: 4095
Quote:
Originally Posted by Big_Sky View Post
I did not know until it was too late of USAA's deplorable mortgage lending reputation. Things went ok while I was doing the preliminary application online but went downhill once I was assigned a "mortgage coordinator". Everything I read has been true. I've been asked multiple times for the same documents after I have submitted them via their website, FedEx'ed them, and emailed as attachments. I have zero confidence in this so-called coordinator. She's a disaster.

Now USAA says that all parts of the purchase contract and amendments must have a "wet signature", after receiving them over ten days ago and doing nothing. The seller's agent is refusing to ask the seller to sign, because they already have an electronic signature.

I hate to switch lenders midstream, especially because the appraisal is done and accepted. But if the sellers refuse to sign (rather than docusign), I am stuck.

Please, spare your sanity, don't ever try to get a home loan from USAA. You'll be sorry.
I am 100% certain that you did not re-forward identical documents, but slightly different ones that actually matched the request.

So they don't accept e-signatures. Big deal.

Did USAA offer you the lowest rate? Is that all you based your decision on? I bet so.
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Old 11-05-2013, 07:07 PM
 
18 posts, read 36,262 times
Reputation: 23
Quote:
Originally Posted by Pfhtex View Post
I am 100% certain that you did not re-forward identical documents, but slightly different ones that actually matched the request.
Wrong.

Quote:
Originally Posted by Pfhtex View Post
So they don't accept e-signatures. Big deal.
It's a waste of time and annoying. But you go right ahead and get a mortgage there if you don't mind.

Quote:
Originally Posted by Pfhtex View Post
Did USAA offer you the lowest rate? Is that all you based your decision on? I bet so.
Also wrong. Plus what kind of logic is that? I got the lowest rate, therefore I deserve a human with the IQ of a slug to process my loan? I don't think so. Do you work for USAA?

I repeat. Avoid USAA.
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Old 11-05-2013, 07:32 PM
 
Location: MID ATLANTIC
7,598 posts, read 17,614,249 times
Reputation: 8078
Someone recently wrote about contacting their VA office trying to find out why an appraisal was so late..........and guess what? It was turned in and lost in the bowels of USAA. This person missed their lock and had USAA eat the cost.

EARLY WARNING: Start documenting with specific notes so you can come back in the end with written details where they screwed up, duplicated or caused you to miss your closing. Keep names, dates and circumstances.
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Old 11-06-2013, 08:28 AM
 
Location: Southern California
4,350 posts, read 4,929,984 times
Reputation: 2129
I'm pretty sure if you give the request to the agent , they have to notify the seller, although they can discourage you from doing it, thus saving themselves some work. Maybe the agent is trying to kill your deal so they can double dip with with another buyer. If they seller actually doesn't want to wet sign, you are stuck. If the finance company wants a wet signature and the agent feels it is unwarranted then they are walking a slippery line in advising about financing terms.
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Old 11-06-2013, 03:33 PM
 
Location: Scottsdale, AZ
1,987 posts, read 3,785,721 times
Reputation: 2888
I have had clients that have used USAA before and I agree they are very difficult to work with. They have a process and timeline and do not make any adjustments. I contacted supervisors and the supervisor of the supervisor and still got no action.

The sellers may have issues with signing a new copy of the contract because the dates would not be consistent with the original e-signatures. Perhaps you can get the seller to "wet" initial each area where they previously signed so that you do not have a new copy of the contract? Ask USAA if this will be acceptable, then ask the sellers. This might solve the problem.
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Old 11-07-2013, 12:09 PM
 
355 posts, read 666,043 times
Reputation: 185
Default Usaa

I used USAA to buy my home back in 2010 and had no problems at all. Plus, I got an extra $950 from them for using their Movers Advantage Program.
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Old 11-07-2013, 12:20 PM
 
Location: MID ATLANTIC
7,598 posts, read 17,614,249 times
Reputation: 8078
2010 is when highly valuable employees could be employed for low dollars. As the market improved in 2011, talent fled the big national companies. Comparing 2010 to today is apples to oranges.
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